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                                                                  EXHIBIT 10.200


                                EIGHTH AMENDMENT
                     TO ASSIGNMENT AND ASSUMPTION AGREEMENT

This Eighth Amendment (the "Amendment") to Assignment and Assumption Agreement,
by and between RER Corp., COMAY corp., GROWTH REALTY INC. and H&H FINANCIAL,
INC. (the "Assignors") and MEGO FINANCIAL CORP., formerly named Mego Corp., (the
"Assignee")

                                   WITNESSETH:

WHEREAS, the Assignors are parties to the Assignment Agreement dated October 25,
1987, with the Assignee, and the Assignment and Assumption Agreement, dated
February 1, 1988, between the Assignors and the Assignee, which two agreements
were amended by the Amendment to Assignment and Assumption Agreement dated July
29, 1988 and by the Second Amendment to Assignment and Assumption Agreement
dated as of March 2, 1995, the Third Amendment to Assignment and Assumption
Agreement dated as of August 20, 1997 and the Fourth, Fifth, Sixth, and Seventh
Amendments to Assignment and Assumption Agreement dated as of February 26, 1999,
May 28, 1999, August 9, 1999, and November 1, 1999, respectively, between the
Assignors and the Assignee (collectively, the described agreements as so amended
are hereinafter referred to as the "Assignment"): and

        WHEREAS, the Assignment fixed the date of January 31, 1995 as the date
on which the accrual of amounts due to the Assignors under the Assignment would
terminate, except for interest on any of such amounts which remained unpaid; and

        WHEREAS, the amount due the Assignors as of January 31, 1995 was
$13,328,742.25, plus interest from January 28, 1995, in the amount of $9,322.57,
collectively, and with interest from January 31, 1995 to March 2, 1995 (the
"Amount Due"); and

        WHEREAS, $10,000,000 of the Amount Due was agreed to be considered
subordinated debt (the "Subordinated Debt"), against which payments were made as
follows: (i) $1,428,571.43 was paid on March 1, 1997 as scheduled, (ii)
$4,250,000 was deemed paid by credit against the exercise price of certain
warrants as is set forth in the Third Amendment, and (iii) $35, 714.28 was paid
on September 1, 1998, leaving a remaining balance of the Subordinated Debt of
$4,285,714.29; and

        WHEREAS, the balance of the Subordinated Debt continues to be secured by
a pledge of all of the issued and outstanding common stock of Preferred Equities
Corporation ( and any distributions in respect thereto) pursuant to a Pledge and
Security


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Agreement dated as of February 1, 1988 (the "Pledge Agreement") between the
Assignee and the Assignors; and

        WHEREAS, interest on the Subordinated Debt has been paid through
September 1, 1999; and

        WHEREAS, under the terms of the Assignment, a payment in the amount of
$1,428,571.43, which was originally due on March 1, 1999, and a payment in the
amount of $1,428,571.43, which was originally due September 1, 1999, were both
deferred to February 1, 2000; and

        WHEREAS, under the terms of the Assignment, a payment in the amount of
$1,428,571.43, will be due on March 1, 2000; and

        WHEREAS, the Assignee has requested that the Assignors further defer the
payment of principal of the Subordinated Debt payable on February 1, 2000, in
the total amount of $2,857,142.86, and the payment of principal of the
Subordinated Debt due March 1, 2000, in the amount of $1,428,571.43, to May 1,
2000.

        NOW THEREFORE, in consideration of the mutual covenants herein contained
it is hereby agreed as follows:

        1. The statements in the foregoing preamble are true and correct.

        2. The payments previously deferred to February 1, 2000, totaling in the
aggregate $2,857,142.86, and the payment due March 1, 2000 in the amount of
$1,428,571.43, are hereby deferred to May 1, 2000.

        3. The Assignee and Assignors agree that all amounts due to Assignors
pursuant to the Assignment as amended by this Amendment shall continue to be
secured as set forth in the Pledge Agreement and that the Pledge Agreement
remains in full force and effect.

        4. The Assignee and Assignors agree that this Amendment is an amendment
to the Assignment and not a novation, and that except as modified hereby, all
terms and conditions of the Assignment, including but not limited to provisions
with respect to the payment of interest and acceleration of the entire balance
of principal and interest if any payment is not made within 30 days of its due
date, shall remain in full force and effect.

        5. It is agreed that this Amendment may be signed in counterparts, and
all such counterparts in the aggregate shall constitute one agreement.


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        IN WITNESS WHEREOF, the parties have duly executed this Amendment as of
January 31, 2000.

                                       MEGO FINANCIAL CORP.

                                       By:/s/ Jerome J. Cohen
                                          ---------------------------------
                                          Jerome J. Cohen, President

                                       RER CORP.

                                       By:/s/ Robert Nederlander
                                          ---------------------------------
                                          Title: President

                                       Comay Corp

                                       By:/s/ Jerome J. Cohen
                                          ---------------------------------
                                          Title: President

                                       Growth Realty Inc.

                                       By: s/s Eugene Schuster
                                          ---------------------------------
                                          Title: C.E.O.